FCPT Announces Acquisition of a Two Property Portfolio for $3.3 Million from PREIT

Rhea-AI Summary

Four Corners Property Trust (NYSE:FCPT) has announced the acquisition of a Capital One property and a Chuck E. Cheese property for $3.3 million. These properties are located in Maryland and South Carolina, respectively, situated in robust retail areas. Both sites are leased under triple net agreements with an average remaining term of about six years. The cap rate for this transaction aligns with previous acquisitions by FCPT, underscoring a consistent investment strategy in the restaurant and retail sector.

Positive

• Acquired properties are located in strong retail corridors.
• Both properties are under triple net leases, indicating reduced risk for the company.
• The acquisition price of $3.3 million reflects favorable cap rates aligned with prior transactions.

Negative

• None.

MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Capital One property and a ground lease Chuck E. Cheese property for $3.3 million. The properties are located in strong retail corridors in Maryland and South Carolina respectively, and both are occupied under triple net leases and have a current weighted average remaining term of approximately six years. The overall transaction was priced at a cap rate in range with previous FCPT transactions.

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005485/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO



Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

What properties did FCPT acquire in August 2023?

FCPT acquired a Capital One property and a Chuck E. Cheese property for $3.3 million.

Where are the acquired properties located?

The acquired properties are located in Maryland and South Carolina.

What is the average remaining lease term for the acquired properties?

The average remaining lease term for both properties is approximately six years.

What was the total cost of the acquisition by FCPT?

The total cost of the acquisition was $3.3 million.

How does the cap rate of this acquisition compare to previous transactions?

The cap rate for this acquisition is in line with previous FCPT transactions.